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{{Short description|Private bank based in Qianhai, Shenzhen}}
{{Short description|Private bank based in Qianhai, Shenzhen}}
{{Infobox company
{{Infobox company
| name = WeBank
| name = WeBank Co., Ltd.
| logo =
| logo = WeBank Logo.svg
| type =
| logo_upright = 1.2
| native_name = 微众银行
| native_name_lang = zh
| type = [[Privately held company|Private]]
| industry = [[Finance]]
| industry = [[Finance]]
| fate =
| fate =
Line 9: Line 12:
| predecessor = <!-- or: | predecessors = -->
| predecessor = <!-- or: | predecessors = -->
| successor = <!-- or: | successors = -->
| successor = <!-- or: | successors = -->
| founded = {{Start date and age|2014}}, [[Shenzhen]], [[China]]
| founded = {{Start date and age|2014}}
| founder = [[Tencent]], Baiyeyuan, Liye Group <!-- or: | founders = -->
| founder = [[Tencent]]<br/>Baiyeyuan<br/>Liye Group <!-- or: | founders = -->
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| hq_location_city = [[Shenzhen]]
| hq_location = [[Qianhai]], [[Shenzhen]], [[China]]
| hq_location_country = [[China]]
| area_served = <!-- or: | areas_served = -->
| area_served = <!-- or: | areas_served = -->
| key_people = David Ku, CEO & Chairman
| key_people = David Ku, CEO & Chairman
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| website = {{URL|https://webank.com/|webank.com}}
| website = {{URL|https://webank.com/|webank.com}}
}}
}}
'''WeBank''' ({{zh|s=微众银行}}) is a private Chinese [[neobank]], founded by [[Tencent]], Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. WeBank's estimated valuation is approximately US$21 billion.<ref>{{Cite web|url=https://www.euromoney.com/article/b1h9dbtpshwh66/webank-chinas-financial-unicorn|title=WeBank: China’s financial unicorn|website=Euromoney|language=en|access-date=2019-10-06}}</ref> Its CEO and Chairman is David Ku.<ref>{{Cite web|url=https://www.marshall.usc.edu/blog/how-chinese-fintech-helps-serve-underserved|title=How Chinese FinTech helps serve the underserved? |website=USC Marshall|access-date=2019-10-06}}</ref>
'''WeBank''' ({{zh|s=微众银行}}) is a private Chinese [[neobank]], founded by [[Tencent]], Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. In 2019, WeBank's estimated valuation was US$21 billion.<ref>{{Cite web|url=https://www.euromoney.com/article/b1h9dbtpshwh66/webank-chinas-financial-unicorn|title=WeBank: China's financial unicorn|website=Euromoney|language=en|access-date=2019-10-06}}</ref>


Headquartered in [[Shenzhen]], China, WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015.{{Citation needed|date=October 2020}} On January 4, 2015, Chinese Premier [[Li Keqiang]] pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank, initiating the company's first-ever loan, of RMB 35,000 (US$5600), to a truck driver named Xu Jun.<ref>{{Cite web|url=https://www.ft.com/content/ccc5a6dc-9488-11e4-82c7-00144feabdc0|title=Tencent launches China's first online-only bank|last=Wildau|first=Gabriel|date=2015-01-04|website=Financial Times|language=en-GB|url-status=live|archive-url=|archive-date=|access-date=2019-10-06}}</ref>
Headquartered in [[Shenzhen]], China, WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015.{{Citation needed|date=October 2020}} On January 4, 2015, Chinese Premier [[Li Keqiang]] pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank office, initiating the company's first-ever loan, of RMB 35,000 (US$5600), to a truck driver.<ref>{{Cite web|url=https://www.ft.com/content/ccc5a6dc-9488-11e4-82c7-00144feabdc0|title=Tencent launches China's first online-only bank|last=Wildau|first=Gabriel|date=2015-01-04|website=Financial Times|language=en-GB|archive-url=|archive-date=|access-date=2019-10-06}}</ref>


Eschewing traditional bank practices, WeBank bank has no physical branches or outlets, and does not rely on property guarantees. Instead, it grants loans through [[facial recognition system|face recognition technology]] and big data credit ratings. In mid-May 2015, WeBank launched Weidilai, its "micro-loan" suite of inclusive financial loan products.
WeBank bank has no physical branches or outlets, and does not rely on property guarantees. Instead, it grants loans through [[facial recognition system|face recognition technology]] and big data credit ratings. In mid-May 2015, WeBank launched WeiLiDai (Chinese: 微粒贷, 'particulate loan'), its "micro-loan" suite of inclusive financial loan products.


In 2019, WeBank was fined 2 million yuan (US$281,710) by China's national banking regulators for violations that included irregular loan issuance, noncompliance in management appointments, and employee misconduct.<ref>{{Cite web|url=https://www.caixinglobal.com/2019-08-14/tencent-backed-webank-penalized-for-multiple-violations-101450599.html|title=Tencent-Backed WeBank Penalized for Multiple Violations - Caixin Global|website=www.caixinglobal.com|language=en|access-date=2019-10-06}}</ref>
In 2019, WeBank was fined 2 million yuan (US$281,710) by China's national banking regulators for violations that included irregular loan issuance, noncompliance in management appointments, and employee misconduct.<ref>{{Cite web|url=https://www.caixinglobal.com/2019-08-14/tencent-backed-webank-penalized-for-multiple-violations-101450599.html|title=Tencent-Backed WeBank Penalized for Multiple Violations - Caixin Global|website=www.caixinglobal.com|language=en|access-date=2019-10-06}}</ref>

Latest revision as of 00:09, 27 September 2023

WeBank Co., Ltd.
Native name
微众银行
Company typePrivate
IndustryFinance
Founded2014; 10 years ago (2014)
FounderTencent
Baiyeyuan
Liye Group
HeadquartersQianhai, Shenzhen, China
Key people
David Ku, CEO & Chairman
Websitewebank.com

WeBank (Chinese: 微众银行) is a private Chinese neobank, founded by Tencent, Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. In 2019, WeBank's estimated valuation was US$21 billion.[1]

Headquartered in Shenzhen, China, WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015.[citation needed] On January 4, 2015, Chinese Premier Li Keqiang pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank office, initiating the company's first-ever loan, of RMB 35,000 (US$5600), to a truck driver.[2]

WeBank bank has no physical branches or outlets, and does not rely on property guarantees. Instead, it grants loans through face recognition technology and big data credit ratings. In mid-May 2015, WeBank launched WeiLiDai (Chinese: 微粒贷, 'particulate loan'), its "micro-loan" suite of inclusive financial loan products.

In 2019, WeBank was fined 2 million yuan (US$281,710) by China's national banking regulators for violations that included irregular loan issuance, noncompliance in management appointments, and employee misconduct.[3]

As of early 2019, WeBank was reportedly exploring options for expansion into Australia.[4]

References[edit]

  1. ^ "WeBank: China's financial unicorn". Euromoney. Retrieved 2019-10-06.
  2. ^ Wildau, Gabriel (2015-01-04). "Tencent launches China's first online-only bank". Financial Times. Retrieved 2019-10-06.
  3. ^ "Tencent-Backed WeBank Penalized for Multiple Violations - Caixin Global". www.caixinglobal.com. Retrieved 2019-10-06.
  4. ^ "Chinese tech giant WeBank poised to disrupt Australian banking sector". Australian Financial Review. 2019-01-23. Retrieved 2019-10-06.

External links[edit]

Retrieved from "https://en.wikipedia.org/w/index.php?title=WeBank_(China)&oldid=1177267502"